Our curr is INR with 1 Cash acc in USD with balance as on 1 April with applicable exchange rate (65). Now Ex rate is 70. How to make BS reflect increased balance?

Our main currency is in INR. I have an account in USD that tracks some cash in USD currency. I created the account with some balance as on 1 April 2018 and applicable exchange rate of 65. Now the exchange rate has gone up to 70. The USD balance is the same. However, I now want the Balance Sheet to reflect the increased balance in INR as on 31 Dec 2018. What is the best way to achieve this? I difference should be booked in Foreign Exchange profit and Loss account.

Answer

Hi amol.mategaonkar,

Here's how you can enter the new exchange rate manually in QuickBooks: https://community.intuit.com/articles/1772865-how-to-manually-enter-an-exchange-rate

Hope this helps!

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